Nuvectra Completes 2,000 U.S. Algovita® SCS System Implantations
July 10 2018 - 8:01AM
Nuvectra Corporation (NASDAQ:NVTR), a neurostimulation medical
device company, announced today that the Company’s Algovita® Spinal
Cord Stimulation (SCS) system has been implanted in over 2,000
patients in the U.S. The Algovita SCS System utilizes one of the
most robust internal pulse generators used for spinal cord
stimulation and patent-protected stretchable lead technology to
deliver four unique stimulation modes to patients seeking
non-pharmaceutical relief from chronic pain.
Scott Drees, CEO of Nuvectra, said, “I am
excited to recognize Nuvectra’s 2,000th U.S. implant as another
significant commercial milestone which further demonstrates our
team’s continued success in driving adoption of our Algovita SCS
system. This achievement represents a doubling of U.S. implants in
just over six months and reflects the world-class professional
service provided by our sales force and the clinical efficacy of
our system. We continue to receive positive clinical and patient
feedback and look forward to accelerating our growth in the
expanding SCS market.”
About Nuvectra Corporation
NuvectraTM is a neurostimulation company
committed to helping physicians improve the lives of people with
chronic conditions. The Algovita® Spinal Cord Stimulation (SCS)
System is our first commercial offering and is CE marked and FDA
approved for the treatment of chronic intractable pain of the trunk
and/or limbs.
Our innovative technology platform also has
capabilities under development to support other indications such as
sacral neuromodulation (SNM) for the treatment of overactive
bladder, and deep brain stimulation (DBS) for the treatment of
Parkinson’s Disease. In addition, our NeuroNexus subsidiary
designs, manufactures and markets leading-edge neural-interface
technologies for the neuroscience clinical research market. Visit
the Nuvectra website at www.nuvectramed.com.
Cautionary Note Regarding Forward-Looking
Statements
This press release contains "forward-looking
statements," including statements we make regarding the outlook
for Nuvectra as an independent publicly-traded company.
Forward-looking statements are based only on our current beliefs,
expectations and assumptions regarding the future of our business,
future plans and strategies, projections, anticipated events and
trends, the economy and other future conditions, and therefore they
are subject to inherent uncertainties, risks and changes in
circumstances that are difficult to predict and may be outside of
our control. Our actual performance may differ materially from
those indicated in the forward-looking statements. Therefore, you
should not rely on any of these forward-looking statements. Any
forward-looking statement made by us is based only on information
currently available to us and speaks only as of the date on which
it is made. Important factors that could cause our actual
results to differ materially from those indicated in the
forward-looking statements include: (i) our ability to successfully
commercialize Algovita and to develop, complete and commercialize
enhancements or improvements to Algovita; (ii) our ability to
successfully compete with our current SCS competitors and the
ability of our U.S. sales representatives to successfully establish
market share and acceptance of Algovita, (iii) the uncertainty of
obtaining regulatory approvals in the United
States and Europe for our Virtis SNM system, (iv)
our ability to successfully launch and commercialize the Virtis SNM
system if it receives regulatory approval (v) our ability to
demonstrate the features, perceived benefits and capabilities of
Algovita to physicians and patients in competition with similar
products already well established and sold in the SCS market; (vi)
our ability to anticipate and satisfy customer needs and
preferences and to develop, introduce and commercialize new
products or advancements and improvements to Algovita in order to
successfully meet our customers’ expectations; (vii) the outcome of
our development plans for our neurostimulation technology platform,
including our ability to identify additional indications or
conditions for which we may develop neurostimulation medical
devices or therapies and seek regulatory approval thereof; (viii)
our ability to identify business development and growth
opportunities and to successfully execute on our strategy,
including our ability to seek and develop strategic partnerships
with third parties to, among other things, fund clinical and
development costs for new product offerings; (ix) the performance
by our development partners, including Aleva
Neurotherapeutics, S.A., of their obligations under their
agreements with us; (x) the scope of protection for our
intellectual property rights covering Algovita and other products
using our neurostimulation technology platform, along with any
product enhancements or improvements; (xi) our ability to
successfully build, attract and maintain an effective commercial
infrastructure and qualified sales force in the United
States; (xii) our compliance with all regulatory and legal
requirements regarding implantable medical devices and interactions
with healthcare professionals; (xiii) any supplier shortages
related to Algovita or its components and any manufacturing
disruptions which may impact our inventory supply as we expand our
business; (xiv) any product recalls, or the receipt of any warning
letters, mandatory corrections or fines from any governmental or
regulatory agency; (xv) our ability to satisfy the conditions and
covenants, including trailing six month revenue milestones, of our
Credit Facility; and (xvi) our ability to raise capital through
means other than or in addition to the Credit Facility should it
become necessary to do so, through a public offering of our common
stock, private equity or debt financings, strategic partnerships,
or other sources. Please see the section entitled “Risk Factors” in
Nuvectra’s Annual Report on Form 10-K and in our other quarterly
and periodic filings for a description of these and other risks and
uncertainties. We undertake no obligation to publicly update
any forward-looking statement, whether written or oral, that may be
made from time to time, whether as a result of new information,
future developments or otherwise.
Company
Contacts:
Nuvectra Corporation
Walter Berger, COO & CFO (214)
474-3102
wberger@nuvectramed.com
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Investor
Contacts:The Ruth Group
Tram Bui / Brian
Johnston(646) 536-7035 / 7028
investors@nuvectramed.com |
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